Miguel Angel Martin Benitez
Our Valuations Analyst who recently relocated to Glasgow from Valencia to join Metis Partners.
What brought you to Metis Partners? I was initially looking for a move from financial reporting to equity valuation. I wasn’t really aware of what IP valuation was before applying to Metis Partners. After seeing an open vacancy on LinkedIn for an IP Valuation role at Metis, I performed comprehensive research about the topic. I simply found it fascinating.
It seemed similar to equity valuation in many aspects but with some interesting particularities and complexities. I noticed how this area was growing in importance. Governments of the EU and the UK making the topic of IP valuation, and IP-backed finance in particular, a priority to strengthen the competitiveness of their financial markets. And how the value of IP isn’t well understood by banks and most financial intermediaries, given their reluctance to use it as collateral for loans. I liked the idea that I could make an impact in this industry as it grows.
The possibility of returning to Scotland was also very appealing to me. I lived in Glasgow for a year during my postgraduate studies and really loved the city, and Scotland. My relocation was easy and smooth – I had lived in Glasgow already and had experience living abroad in other countries.
What do you specialise in?
I work in the IP valuation team as an Analyst, and have valued a wide variety of IP assets from many different industries. I have valued formal IP assets such as patents, trademarks, copyrights and designs, and informal IP such as software, customer relationships and databases, to name a few. The purposes of these valuations are wide-ranging: IP-backed finance deals, PPAs for M&A transactions and IP valuations relating to support internal strategy. I was recently involved in the valuation of IP portfolios, highly-reliant on patents, of two US high-tech companies from the electric-vehicles and biotechnology industries, which involved some really interesting corporate and sector research.
Tell us about a highlight of working at Metis?
One of the great things about working at Metis is the breadth of assignments and activities you are involved with, and the responsibility and flexibility you get from day one. You never get bored with repetitive tasks. I could start my day doing some corporate or industry research, then conduct some financial analysis and modelling for the valuation of IP assets, writing some valuation reports afterwards, and conclude my day by, for instance, reading some valuation training or research papers, to strengthen my IP valuation knowledge and keep myself up-to-date in industry. It is a very dynamic environment.
The other key characteristic of working at Metis is its friendly and professional atmosphere. It’s great to have a supportive team where your opinion is always considered and constructive feedback is provided, so that you can be creative and make your contribution while improving yourself every day.
What do you like to do in your spare time?
I like to play 7-aside football and enjoy going to the mountains hiking or trail running (not during winter in Scotland!). I also love dogs and training them, especially big dogs such as the Alaskan Malamute, the Caucasian Shepherd and the Presa Canario.
Tell us something no one would know about you?
I used to be an ambitious gamer at Counter-Strike 1.6 in the e-Sports international semi-professional scene, during my younger years. I played in some of the world’s major tournaments and leagues, at that time, with my Spanish team.
What advice would you give to someone thinking about a career in Intellectual Property?
I will answer from a valuation perspective. I would encourage those who love corporate finance topics, and specifically those interested in equity valuation, to explore this relatively new field which is becoming critical as the transition towards the new knowledge economy advances.
The value of most companies nowadays resides in their intangible assets rather than their tangibles. You buy a business because of its intangibles; its brand, its know-how; its customer base; its trade secrets. There are many similarities in approaching the valuation of IP assets to equity valuation. You need to understand investment theory, business and financial risk, industry competitive forces and companies’ strategy, and other revenue and ROI growth drivers, but with the ability to comprehend the particularities and complexities of each IP asset class and valuation models, including the typical Discounted Cash Flows (DCF) model used in equity valuation.
Ask yourself: What’s the value of Amazon’s e-commerce platform? How much is worth HBO’s Game of Thrones? How much should be paid for Tesla’s electric motors if it goes bankrupt? Can IBM’s private blockchain be valued? Does it make sense to value Ethereum’s public blockchain? What’s worth more, Google’s and Facebook’s AI technology or their corporate brands? Is there any value in Uber’s customer data and intelligence? Is your interest peaked? IP is everywhere.